Exercise 24-06 a-c (Video) Metlock Company's standard labor cost of producing one unit of Product DD is 3.10 hours at the rate of $12.70 per hour. During August, 42,200 hours of labor are incurred at a cost of $12.80 per hour to produce 13,500 units of Product DD. Compute the total labor variance. Total labor variance (b) Compute the labor price and quantity variances. Labor price variance e Labor quantity variances Compute the labor price and quantity variances, assuming the standard is 3.40 hours of direct labor at $12.95 per hour. Labor price variance Labor quantity variance